February 26th Mortgage Industry Update

February 26th, 2015 Mortgage Industry Update The Bank of Canada announced on January 21st that it's overnight lending rate has decreased from 1% to 0.75%. The prime lending rate at most lending institutions has dropped to 2.85%. Additionally, most fixed rates are on the decline. Additionally this week: - Canadians don’t know how in debt they are. . - Tighter mortgage rules have led to unsold condos in smaller cities. . - Paying down your mortgage may be poor economics. . - Canadians weigh up big profits ... Read more

February 19th Mortgage Industry Update

February 19th, 2015 Mortgage Industry Update The Bank of Canada announced on January 21st that it's overnight lending rate has decreased from 1% to 0.75%. The prime lending rate at most lending institutions has dropped to 2.85%. Additionally, most fixed rates are on the decline. Additionally this week: - Poll by Sun Life shows that 60% think they will be working past their 65th birthday, 32% expecting to still be employed full time. - Super rich love Vancouver and Toronto. . - Townhouses needed to ease ... Read more

February 12th Mortgage Industry Update

February 12th, 2015 Mortgage Industry Update The Bank of Canada announced on January 21st that it's overnight lending rate has decreased from 1% to 0.75%. The prime lending rate at most lending institutions has dropped to 2.85%. Additionally, most fixed rates are on the decline. Additionally this week: - RBC has forecasted the BoC overnight rate will sit at 0.50 per cent by year’s end before climbing back up to two per cent by the end of 2016 - Consumer optimism for the economy has ... Read more

February 5th Mortgage Industry Update

February 5th, 2015 Mortgage Industry Update The Bank of Canada announced on January 21st that it's overnight lending rate has decreased from 1% to 0.75%. The prime lending rate at most lending institutions has dropped to 2.85%. Additionally, most fixed rates are on the decline. Additionally this week: - Many lending institutions continue to make several changes to their promotional fixed mortgage rates. The decline in rates are visible across most term lengths. - HSBC Bank PLC has predicted the BoC will lower its ... Read more

February 2015 Industry Stats

February 2015 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on February 3rd, 2015. The major statistics are summarized as follows: Bank of Canada interest rate dropped to 0.75% Prime lending rate dropped to 2.85% The 5Y variable qualifying rate remains at 4.79% The Government of Canada Bonds have declined significantly The number of housing starts increased from 56,800 (December 2013) to 60,600 (December 2014), a 6.7% increase The average MLS resale price in Toronto increased from $520,398 (December 2013) ... Read more
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